SharperLending/CreditXpert
Frequently Asked Questions
What is the new cloud based CreditXpert Enterprise Platform?
CreditXpert launched a new Enterprise Platform in the fall of 2022. This new platform builds on our suite of predictive analytics and is offered directly from CreditXpert.
Does the new platform impact my ability to offer CreditXpert products like Credit Assure, Wayfinder or What-if Simulator?
These products will continue to be supported for some time. We will not be updating these tools to work with pending FHFA changes to credit models and will sunset them accordingly.
Who contracts with the lender or originator for the new CreditXpert Platform?
CreditXpert will be providing the proper Software-As-A-Service agreements to both lenders and originators to have access to the CreditXpert Platform which will include the appropriate pricing model.
How will credit report providers be compensated for credit data that flows to the new CreditXpert Enterprise Platform?
Details about compensation can be found in the SharperLending Product Addendum agreement.
What access does a borrower have and how are they authenticated?
Borrowers can only view the plan built for them by the mortgage professional and check off actions they’ve completed.
We have implemented a multi-step process in place to verify the borrower before they can view the plan.
With credit data flowing into the CreditXpert platform, is this considered secondary use?
Upon reviewing published policies, articles, and white papers like this from your peers, every example to define Secondary Use involves the lender using the file to make a credit decision. There are no examples involving a non- lender. We know non-lenders “use” credit reports all the time whether they be LOS providers or QC providers or anything in between. CreditXpert is a technical provider, not a lender, nor a party evaluating a report for purposes of lending. A technical provider is considered a non-qualifying party, thus there is no requirement to track or report as a Secondary Use transaction.
Does CreditXpert store consumer credit data?
We do NOT store credit data. When data is sent to CreditXpert, we utilize it in session to allow users to build plans and dispose of the raw data when the plan is completed.
Have the bureaus approved this model?
We have reviewed the CreditXpert platform and the new product delivery model with all bureaus and have received approval.
We often train our clients on how to use WIS because we deal in credit reports. How does CreditXpert plan to accommodate detailed training on WIS for lenders when they are not a CRA?
CreditXpert will provide all required training on our products for lenders through direct training sessions and an extensive knowledge base of articles of specific videos and step by step guides.
Where do lenders that use CreditXpert Platform go for help/support if needed?
If it’s a credit question, the CRA should provide support. If it’s about the CreditXpert product, the CRA should direct the user to the Help Center which is found on CreditXpert Platform or at https://help.creditxpert.com/ where they can find articles and submit a ticket.
Who performs onboarding and training on the new CreditXpert Platform?
CreditXpert will be providing all onboarding and training for the new platform. CreditXpert will notify you that a new user will need to be onboarded.
What sort of security certifications does CreditXpert have? Can we have access to those to show auditors and lenders?
CreditXpert has been SOC 2 and ISO 27001 certified since May of 2021. These certifications, conducted annually by an independent auditor, validate the operation and effectiveness of over 150+ security controls related to processes, policies, and systems used at CreditXpert to protect our data, applications, and users of our platforms. In fulfilling due diligence questionnaires from companies such as yours, we have found that our SOC 2 Type 2 report satisfies the information requested and provides an additional narrative regarding the security at CreditXpert. In addition to our SOC 2 Type 2 report, the ISO 27001:2013 certification is evidence that we have been independently audited and found in compliance with the international ISO 27001:2013 standard for information security management.
Please contact us if you would like to receive/view our SOC 2 Type 2 report.
Is there anything I need to do to enable migrating lenders/users?
Yes, you can certainly play a role in helping to migrate your lender clients to the new CreditXpert Enterprise Platform. In the coming weeks, we will be holding a series of webinars with more details on lender migration.
Where can I go if I have additional questions?
Please send additional questions to SharperLending@creditxpert.com.